Toro JV Project Browns Range Annual Report for the period 16 February 2012 to 15 February 2013, EL 26270, EL 26271 and EL 26286

Abstract

The Toro JV (Browns Range) tenements form part of a joint venture agreement between Northern Minerals and Toro Energy Limited. Due to protracted negotiations in finalising the agreement and delays in the implementation of aboriginal heritage surveys, there were no on-ground work programs undertaken on the tenement during the reporting period. Work completed included an airborne magnetic and radiometric survey over tenements EL 26270 and EL 26286, a hyperspectral survey over tenement EL 26286, and compilation of historic exploration results. Numerous uranium channel radiometric anomalies warrant further ground checking, whilst the hyperspectral survey data has highlighted several locations with potential hydrothermal alteration. Anomalous assays for yttrium from samples taken by PNC in the late 1980's also warrant follow up ground checking.